"Payday loans are short-term borrowing available at high interest rate and are most suitable for people who need quick money. Now let us have a look at the pros and cons of payday loans. They are the following: Pros: • If you want to get a payday loan you will need to show a proof of identity, proof of steady source of income and a bank account. • Payday loans are available to persons even with poor credit score so even if you have a credit history that is less than perfect you can easily opt for a payday loan. Cons: • Payday loans have a high interest rate and they are expensive • Payday loans are not a very good idea for a long-term financial solution • In case of payday loans it can be quite difficult to get loans that is more than your salary package "